Moderator note: this post is factually incorrect. Do not rely on it when deciding payment methods.
Never use a credit card when making a high ticket payment overseas:
Having considered the option of using a credit card to make a car payment in the UK its amazing how much hidden fees there are. Whilst most people assume that loading up a credit card is the cheapest option it is not at all. Using a credit card can cost you almost €1000 on a £15,000 payment
Payment: £15,000
AIB:
1.75 fx fee
1.5% advance fee (even if you have your card in credit)
1.5% (normally charged by the car dealer i.e he passes on his merchant fee)
Total 4.75% or €712.50
Bank of Ireland
1.75% fx fee
1.5% fee (only applies if you are in debit, however if you go even 1 cent in debit you pay 1.5% on the total sum)
1.5% (normally charged by the car dealer i.e he passes on his merchant fee)
Total: Up to 4.75% or up to €712.50
Bank Draft i.e Bank of Ireland
7 euro plus 2% on fx
Approx €340
Cash (sterling bought at bank)
Up to 3%: approx €500
xe.com or www.currency.ie
Rates change every fee seconds, better rates than the banks when checked
Never use a credit card when making a high ticket payment overseas:
Having considered the option of using a credit card to make a car payment in the UK its amazing how much hidden fees there are. Whilst most people assume that loading up a credit card is the cheapest option it is not at all. Using a credit card can cost you almost €1000 on a £15,000 payment
Payment: £15,000
AIB:
1.75 fx fee
1.5% advance fee (even if you have your card in credit)
1.5% (normally charged by the car dealer i.e he passes on his merchant fee)
Total 4.75% or €712.50
Bank of Ireland
1.75% fx fee
1.5% fee (only applies if you are in debit, however if you go even 1 cent in debit you pay 1.5% on the total sum)
1.5% (normally charged by the car dealer i.e he passes on his merchant fee)
Total: Up to 4.75% or up to €712.50
Bank Draft i.e Bank of Ireland
7 euro plus 2% on fx
Approx €340
Cash (sterling bought at bank)
Up to 3%: approx €500
xe.com or www.currency.ie
Rates change every fee seconds, better rates than the banks when checked